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Singapore’s CapitaMalls to build USD365m Beijing mall

Singapore-based shopping centre developer CapitaMalls Asia said on Wednesday that it would spend USD365 million to develop a mall in southern Beijing, buying the land from a subsidiary of the Poly Real Estate Group.

The development will feature a seven-storey, 122,000-square-metre mall, representing a total cost of around CNY19,190 (USD3,046) per square metre for construction and land, the company stated. The project is due for completion in 2015.

(Source: Business Times)